An introduction
to GBL
August 1, 2018
An introduction to GBL
Experience. Our greatest asset.
Presentation to analystsH1 2018 Results
AppendixH1 2018
HighlightsH1 2018
Financial performanceOutlook
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H1 2018 – Highlights
H1 2018 – Financial performance
Outlook
Appendix
p. 8
p. 21
p. 3
p. 18
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HighlightsH1 2018
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H1 2018 - Highlights
3
Solid H1 2018 performance:
LTM TSR of 10.7%, derived from:• NAV increasing by 4.5% over the period to €18.9bn and 1.9% discount
contraction, both leading to a 7.2% stock price increase, and• 3.6% dividend yield
Outperforming the reference index (1.2% for the STOXX Europe 50)
Consolidated net result of €384m
Cash earnings of €363m
LTV ratio of 3.0%
Liquidity profile of €2.8bn
Further execution of the portfolio rebalancing strategy
Key highlights TSR
Sienna CapitalListed investments
€17.9bn93% of the portfolio value
€1.3bn7% of the portfolio value
13.3%
5.8%
9.4%
7.1%
4.5%5.5%
5 years 10 years 15 years
GBL STOXX Europe 50
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Key highlights in H1 2018
4
Participation in the capital increase of Umicore
• Participation in February 2018 for €144m in the capital increase of Umicore, providing the group with increased financial flexibility in support of external growth operations and potential partnerships to strengthen its offering in clean mobility materials and recycling
• Unchanged position as largest shareholder following this transaction, with a 16.9% ownership as of end of June 2018, representing a market value of €2,051m
Further increase in the stake in GEA
• Announcement by GEA that GBL had crossed the threshold of 5.0% of the voting rights in the company on March 23, 2018
• Ownership increase in GEA, from 4.3% as of year-end 2017 to 7.3% as of end of June 2018,representing a market value of €380m
Listed investments (1/2)
AppendixH1 2018
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5
Sale of the stake in Burberry
• Completion on May 9, 2018 of the sale of 6.6% of Burberry’s capital, corresponding to 27.6 million shares
• Disposal generating proceeds amounting to approximately £498m and allowing to achieve a capital gain of approximately £83m
Exclusivity agreement for the sale of Imerys’ Roofing division
• Exclusivity agreement entered into in May 2018 with an affiliate of Lone Star Funds, a global private equity firm, for the purpose of the sale of the Roofing division Imerys Toiturefor an enterprise value of €1.0bn
• Lone Star’s offer being firm, binding and fully financed
• Operation expected to be completed by the fourth quarter of 2018, and remaining subject to the customary relevant workers’ councils consultations and regulatory authorities’ approval
Listed investments (2/2)
Key highlights in H1 2018
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6
First co-investment transaction
Commitment in March 2018 to invest €250m alongside funds affiliated with the investment firm KKR in Upfield (formerly named Flora Food Group), the carve-out of Unilever’s Spreads Business
Global market leader in plant-based margarine spreads and cooking products, operating in 69 markets around the world and having generated pro forma revenue of approximately €3.0bn in 2017
Transaction closed in July 2018
Acquisition of svt with a build-up on Rolf Kuhn
Acquisition by Ergon Capital Partners III (“ECP III”) of svt Holding GmbH (“svt”), one of the leaders in preventive passive fire protection, from IK Investment Partners beginning of 2018
Acquisition by svt of Rolf Kuhn completed in April 2018 and leading to the creation of one of the European leaders in the fire protection sector
Sale of Alvest Group
Participation in Alvest Group, global leader in ground support products and services for the aviation industry and airports, sold in January 2018 by Sagard 3 to the Caisse de Dépôt et Placement du Québec (“CDPQ”) and Ardian
Reinvestment of part of the disposal proceeds by Sagard 3 alongside CDPQ and Ardian
Net capital gain of €57m (GBL’s share), not impacting GBL’s consolidated result following the entry into force of IFRS 9
Acquisition of Climater
Acquisition by Sagard 3 of a majority stake in Climater, a leading French specialist in climate engineering, in January 2018
Sale of Kiloutou
Disposal of the stakes held in Kiloutou, a leader in the industrial and construction equipment rental market, by Sagard II and PAI Partners in February 2018
Net capital gain of €23m (GBL’s share), not impacting GBL’s consolidated result following the entry into force of IFRS 9
Key highlights in H1 2018Sienna Capital
AppendixH1 2018
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Strengthening the financial structure
7
Institutional bond placement
Placement in June 2018 of a €500m institutional bond, with a coupon of 1.875% and a 7-year maturity
Issuance proceeds:
covering GBL’s general corporate purposes, allowing to:
• lengthen the debt maturity profile from 4.0 years as of year-end 2017 to 5.6 years as of end of June 2018, and
• further diversify its financing sources
Issuance oversubscribed more than 2.5 times by a diversified institutional investor base
Success of this placement illustrating the market’s confidence in GBL’s creditworthiness
Convertible bond
Conversion requests received as of June 30, 2018 by Sagerpar S.A., a wholly owned subsidiary of GBL, for 2,409 convertible bonds, representing 56% of the total convertible bonds issued on September 27, 2013
Redemption of 2,369 bonds as of June 30, 2018, primarily in treasury shares (94% of the conversion requests)
Outstanding nominal amount of €201m as of June 30, 2018
As a subsequent event, conversion requests received as of July 30, 2018 for 3,405 convertible bonds, representing 79% of the total convertible bonds issued, settled/to be settled primarily in treasury shares
Key figures
06/30/18 12/31/17 06/30/17
Net cash / (Net debt)(in €m)
(581) (443) (150)
LTV ratio 3.0% 2.3% 0.8%
Averagematurity of gross debt
5.6 yrs 4.0 yrs 3.5 yrs
Liquidity profile(in €bn)
2.8 2.7 3.4
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p. 8
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p. 3
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KPI overview as of end of June 2018
9
1
2
3
+ 0.1%
Net asset value at €18.9bn, increasing by 0.1% over H1 2018 notably supported by• the strong performance of primarily Umicore (+24.6% increase in the stock price
over the period), adidas (+11.8%), Pernod Ricard (+6.0%), and • the valuation increase related to Sienna Capital (mainly corresponding to the
commitment in Upfield)
Net Asset Value
Cash earningsSligth increase compared to last year (€359m as of June 30, 2017) primarily as a result of increase in unit dividends from Imerys, adidas and Pernod Ricard, as well as the increase in dividends from GEA following the investments carried out since last year, partially offset by the FX impact on the dividends from LafargeHolcim and SGS
Consolidated net result
Primarily affected by the net dividends from investments for €288m and Imerys’ contribution amounting to €105m
Loan To Value LTV maintained at a conservative level, slightly up versus 2.3% at year-end 2017
Liquidity profile Significant liquidity profile allowing rapid implementation of investment decisions
€384m
€363m
€2.8bn
3.0%
AppendixH1 2018
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0.1% increase in NAV over H1 2018
10
NAV bridge
1
NAV Umicore adidas SGS Pernod Total Parques GEA Ontex Lafarge Imerys Sienna Treasury Divid. Others NAV12/31/18 Ricard Reunidos Holcim Capital shares GBL 06/30/18
AppendixH1 2018
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A balanced and diversified portfolio of market leaders
11
1
Listed investmentSienna Capital
Sector Specialty minerals
Sports equipment
TICWines & Spirits
Cement & aggregates
Materials technology
Oil & GasProcess
technology food sector
Hygienicconsu-mables
Leisure parks
Alternative assets
Ranking in their sector
#1 #2 #1 #2 #1 Top 3 Top 5 #1 Top 3 Top 3 n.a.
GBL’s ranking in the
shareholding(1)
#1 #1 #1 #3 #2 #1 #16 #3 #1 #1 n.a.
Date of first investment
1987 2015 2013 2006 2005 2013 1998 2017 2015 2017 2013
GBL % ownership(1)
53.76% 7.50% 16.60% 7.49% 9.43% 16.93% 0.61% 7.29% 19.98% 21.19% 100%
Market cap.(1)
(€bn)5.5 39.1 17.4 37.1 25.2 12.1 139.2 5.2 1.5 1.1 n.a.
Value of GBL’s stake(1) (€bn)
3.0 2.9 2.9 2.8 2.4 2.1 0.8 0.4 0.3 0.2 1.3
(1) Figures as of 06/30/2018
AppendixH1 2018
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Listed investmentSienna Capital
Value of GBL’s stake(1) (€bn)
3.0 2.9 2.9 2.8 2.4 2.1 0.8 0.4 0.3 0.2 1.3
Value of GBL’s stake in # of
days of ADTV(2)
267 13 42 24 18 27 1 13 39 149 N.A.
Ratings (S&P /
Moody’s)
BBB / Baa2
N.R. N.R. / A3BBB / Baa2
BBB / Baa2
N.R.A+ / Aa3
N.R. / Baa2
BB / Ba2
N.R. N.A.
Bloomberg consensus
reco(1)
N.A.
Investment Grade credit quality assets with strong liquidity
12
1
(1) Figures as of 06/30/2018
(2) 1-year average as of 06/30/2018 in terms of ADTV (Average Daily Trading Volume)
(3) Consensus figures as of 06/30/2018
Buy
Hold
Sell
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Cash earnings of €363m
13
2
13
(in €m)
Net dividend contribution Cash earnings
(in €m) H1 2018 H1 2017 Δ
Net dividend contribution 381 361 +20
Net Expenses(1) (19) (13) (6)
Yield enhancement(2) 1 11 (10)
Net charges (18) (2) (16)
Cash earnings 363 359 +4
(1) Interest, other financial and operating income and expenses, excluding the results of the yield enhancement activity
(2) Results of yield enhancement activity. The yield enhancement activity consists of executing derivatives instruments and in operations on trading assets
Others
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Consolidated net result of €384m
14
2
• Consolidated net result as of30 June 2018 stands at €384m, compared with €474m as of June 30, 2017. This result is primarily affected by:
• the net dividends from investments for €288m;
• Imerys’ contribution amounting to €105m
• Cash earnings increased by 1.1%, primarily as a result of:
• the increase in the net dividend contribution from the participations (+€20m or +5.5%),
• partially offset by the lower yield enhancement income (- €10m)
Highlights€ million H1 2018 H1 2017 Δ
Cash earnings 363 359 + 4
Mark to market and other non cash items
14 4 + 10
Operating companies and Sienna Capital
118 201 (83)
Eliminatons, capital gains, depreciations and reversals
(111) (90) (21)
Consolidated net result 384 474 (90)
AppendixH1 2018
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-40,1
-40,0
-1.500
-1.300
-1.100
-900
-700
-500
-300
-100
100
Net debt12/31/2017
Acquisitions Disposals Cash Earnings Dividenddistribution
Conversions ofGBL convertible
bonds
Institutionalissuance
Other Net debt06/30/2018
40,
(443)
(581)682
363
232
(484)
(4)(23)
(904)
Sound financial position
15
3
Gross cash 564 690
Gross debt (1,007) (1,271)
LTV 2.3% 3.0%
Undrawn committed credit lines 2,150 2,150
Liquidity profile 2,714 2,840
Evolution over H1 2018
(in €m)
(1,000)
(1,300)
(1,500)
(900)
(700)
(500)
(300)
(100)
-
AppendixH1 2018
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Financial performanceOutlook
8.2%
0.2%
9.6%5.8%
2.8%1.5%
4.7% 4.7%5.5%
0.0%0.8%
2.3%3.0%
-
5%
10%
15%
20%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Prudent use of leverage
16
3
Note: Computed based on information disclosed in GBL’s annual and half-yearly reports using the adjusted portfolio value (i.e. increased by the value of the treasury shares underlying the bonds convertible into GBL shares issued in October 2013)
LTV evolution over the last 10 years
• The evolution of the Loan To Value ratio reflects (i) the implementation of GBL’s portfolio rotation strategy and (ii) GBL’s formal policy of limited net indebtedness over time.
• Over the long term, throughout the economic cycles, GBL has constantly kept the Loan To Value ratio under control.
• As part of its stringent financial discipline and with the aim to keep close control over the LTV ratio, GBL reassesses on a continuous basis its investment capacity by monitoring its commitments under:
Its derivatives financial instruments (sales of put)
Sienna Capital on a 1-year rolling basis
April 2011: acquisition of Pargesa Holding S.A.’s 25.6% stake in Imerys in March 2011
June 2013: €2bn acquisition of 15% of SGS from EXOR
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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Well diversified financing mix and extended maturity profile
17
3
Debt maturity as of 06/30/18
• Weighted average maturity of the drawn gross debt
extended to 5.6 years as of end of June 2018 (4.0 years as
of year-end 2017) following the issuance of a 7-year
institutional bond of €500m in June 2018 with an annual
coupon of 1.875%
• Maturity of the committed credit lines in 2022 and 2023
• All capital markets instruments (DCM/ECM):
• Unsecured
• All debt instruments:
• No financial covenants
Gross debt split as of 06/30/18
(1) €69m bank debt maturing in 2023-28(2) Excluding the €69m bank debt
(2)
79%
16%
5%
Institutional bonds
Convertible bonds
Bank debt(1)
2018 2019 2020 2021 2022 2023 2024 2025
Undrawn committedcredit lines
€2,150m
Institutional Bonds€500m €500m
Convertible Bonds€201m
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Appendix
p. 8
p. 21
p. 3
p. 18
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Outlook
19
Listed investments
2-year EPSgrowth
(consensus) (1)
+ 5.8% + 19.9% + 8.0% + 6.3% + 27.8% + 20.6% + 16.3% + 31.5% + 1.4% + 22.3%
Consensus Target Price
vs stock price(1)
€ 79.5
+ 20.5%
€ 216.6
+ 15.3%
CHF 2,564
(0.6%)
€ 143.6
+ 4.5%
CHF 54.9
+ 8.8%
€ 52.6
+ 5.4%
€ 59.5
+ 7.2%
€ 34.6
+ 3.7%
€ 26.3
+ 0.9%
€ 14.1
+ 4.7%
NTMdividend yield (2) 3.5% 1.6% 3.1% 1.7% 4.2% 1.5% 4.6% 2.7% 2.5% 2.0%
(1) EPS CAGR computed from FY17 results (actuals) to forecasted FY19 results / Bloomberg consensus and stock price as of 07/31/2018 - noon(2) Dividend yield on June 30, 2018 (Bloomberg dividend forecasts as of 07/31/2018 - noon)
Following the entry into force of IFRS 9, as of January 1, 2018, GBL’s consolidated results are not impacted anymore neither by results from disposals nor by any impairment related to “Other equity investments” (formerly “Available-for-sale assets”).
IFRS 9
2.09
2.93
3.00
0 1 2 3
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
GBL’s core objectives remain unchanged: continue to deliver a total shareholder return outperforming the STOXX Europe 50 reference index, through share price performance and continuous dividend growth over the long term, while maintaining a solid capital structure.
In the absence of major events, GBL foresees to pay a 2018 dividend at least equivalent to that proposed in relation to the 2017 financial year.
Generally speaking, GBL's consolidated results will also factor in the change in the net contributions from operating companies (associates and consolidated), which are themselves tied to the economic environment.
AppendixH1 2018
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Appendix
1. Overview of GBL and its strategy
2. Portfolio rotation
3. Sienna Capital
H1 2018 – Highlights
H1 2018 – Financial performance
Outlook
p. 8
p. 21
p. 3
p. 18
AppendixH1 2018
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Leading investor in Europe focused on long-term value creation
21
Stock exchange listing in 1956
Disclosed investments in listedassets, leaders in their sector
Net Asset Value (« NAV »)
NTM Dividend yield
Stable and supportive ownership by the Frère and Desmarais families, through Swiss-listed parent company Pargesa Holding SA
Five-year annualized Total Shareholder Return (« TSR »)
Asset rotation carried out since the initiation of our new strategy in 2012
>60 years 10
50%
€16bn 3.4%13.3%
Largest listed investment company in Europe
2nd
Marketcapitalisation
€15bn
Solid liquidity profile from cash and undrawn credit lines
€2.8bn
€19bn
Note: information as of June 30, 2018
AppendixH1 2018
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Solid core values
22
We create value
• Through-the-cycle investor
• Permanent capital deployment with
long-term investment outlook
• Conservative net financial leverage
• Solid and stable family shareholder base
Patrimonial
• Equity investments ranging in size from €250m up to €2bn
• Minority or majority positions
• Public or private companies
• Growing exposure to alternative assets
• Co-investment capability
Flexible
• Challenging and supportive board member
aiming at unlocking long term value
(strategy, management, remuneration policy,
capital structure, M&A)
• Willing to tackle complex situations
Active and Engaged
• Team sourcing a sizeable deal flow but
selecting and overseeing a limited number
of core investments
• Geographical and sector focus
Focused
AppendixH1 2018
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Desmarais familyFrère family
Frère group
Parjointco50% 50%
56% (75%)
Power Corporation of Canada group
% ownership(% voting rights)
Swiss listed company
2%
50% (52%)(1)
• The Frère and Desmarais families joined
forces to invest together in Europe in the
early 1980s
– A shareholders’ agreement between the
two families was created in 1990 and
has been extended twice, once in 1996
and again in 2012
– 25+ years of formal partnership
• Multi-generational collaboration
• The current agreement, effective until
2029 and with the possibility of extension,
establishes a parity control in Pargesa and
GBL
GBL’s simplifiedshareholding structure
Relations with the controlling shareholder
23
Shareholding & governanceA stable and solid family ownership
(1) Taking into account the treasury shares whose voting rights are suspended
Note: December 31, 2017 figures, except where superseded by more recent public disclosures
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Continuous assessment of the portfolio assets, focusing on the following areas:
Stringent deal selection conducted based on the following grid of investment criteria:
Further diversifying our portfolio, within a flexible mandate
24
Investment assessment Divestment guidelines
• Exposure to long-term growth drivers
• Resilience to economic downturn
• Favorable competitive dynamics
• Build-up opportunities
Sector
• Market leader with clear business model
• Foreseeable organic growth
• Strong cash flow generation capabilities
• Return on capital employed higher than WACC
• Low financial gearing
• Appropriate positioning vis-à-vis digital disruption
Company
• Attractive valuation
• Potential for shareholder return
Valuation
• Potential to become first shareholder, with influence
• Potential for Board representation
• Seasoned management
Governance
• CSR/ESG strategy, reporting and relevant governance bodies being in place for listed investment opportunities
ESG
• Business model’s disruption risk related to digital or technological
evolutions
• Other company risks including competition, geopolitics, and ESG
factors
Company risk
• Objective not to exceed around 15-20% in terms of:
• portfolio's exposure to a single asset
• cash earnings' contribution from a single asset
Portfolio concentration risk
• Multiples above historical average
• Prospective TSR below internal targets
Valuation risk
Potential for further value creation
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Accelerating urbanization
Technology & digital
Sustainability & resource scarcity
With a clear investment strategy
25
Investment themesAnticipating megatrends and upcoming disruptions
Key sector focus
Out-of-scope sectors
Shift in global economic power towards emerging countries
Health & lifestyle
Demographic shift (e.g. ageing population)
• Consumer
– Luxury
– Entertainment
– E-commerce/digital
• Services
• Utilities
• Oil & Gas
• Financials
• Real Estate
• Industry/manufacturing
– Green economy
– Natural resources
– Sustainability
• Telecom
• Regulated industries
• Biotech
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Board presence3/14 3/9 2/10 2/13 1/16 2/10 1/12 1/7 - 2/10
Audit Committee 1/3 1/4 1/4 1/3 1/4 1/4 1/4 -/3 - -/3
Nomination and/or
RemunerationCommittee
2/52/6
1/3 1/5 1/4 -/3 -/3 1/5 -/3 - 1/4
StrategicCommittee 3/7 n.a. 1/4 1/5 n.a. n.a. -/6 n.a. - n.a.
26
A role as an active and influential professional investor
Note: information as of June 30, 2018
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Appendix
1. Overview of GBL and its strategy
2. Portfolio rotation
3. Sienna Capital
H1 2018 – Highlights
H1 2018 – Financial performance
Outlook
p. 8
p. 21
p. 3
p. 18
AppendixH1 2018
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2012 2013 2014 2015 2016 2017 2018
Acquisitions€7.6bn
- €2.3bn €0.5bn €1.3bn €1.6bn €1.1bn €0.9bn
Disposals€8.0bn
€1.0bn €1.4bn €1.2bn €0.7bn €2.5bn €0.6bn €0.7bn
28
Asset rotation of €16bn in aggregate since 2012
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A transformed portfolio in terms of geographic and sector diversification
2929
2011€12bn
29%Industry
54% Energy
3% Sienna Capital15% Consumer
35%France
28% Switzerland
17%Germany
12% Belgium
4% Energy
1% Spain
~7% Other
41%Industry
7% Sienna Capital
15%Services
33%Consumer
2011€12bn
06/30/18€19bn
97%France
3% Other
06/30/18€19bn
<1% Other
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Appendix
1. Overview of GBL and its strategy
2. Portfolio rotation
3. Sienna Capital
H1 2018 – Highlights
H1 2018 – Financial performance
Outlook
p. 8
p. 21
p. 3
p. 18
AppendixH1 2018
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Overview of Sienna Capital
31
Sienna Capital is a platform for GBL to invest in alternative assets in partnership with external managers and also via direct investments and co-investments
• Earn attractive risk-adjusted returns
• Contribute to growing GBL’s NAV and dividend
• Part of an ongoing diversification of GBL’s portfolio and revenue
stream
• Attract talent around the activities of GBL and serve as a best ideas
factory
• Provide co-investment opportunities
Several benefitsto GBL
Contribution to GBL’s Net Asset Value
7%
Underlyingoperating companies
~100
7 externalmanagers
14 funds
Direct investment/ Co-investment
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Overview of Sienna Capital
32
2017/2018 has been an active period for Sienna Capital
• Commitment of €250m by
Sienna Capital
• Co-investment alongside
• Carve-out of Unilever’s global
spreads division
• €3bn of pro-forma sales in 2017
• Closing completed in July 2018
First co-investment
Cumulative capital invested in 7 fund managers since inception
€1.6bn
Implied money multiple on invested capital
1.4 x
Remaining callable capital
€0.6bn
Distribution received
€0.9bn
Stake value
€1.2bn
+
€2.1bn
As of 06/30/2018
Dividend paid to GBL in 2017 (up from €18m in 2016)
€40m
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Overview of Sienna Capital
33
Funds/year of initial investment
Strategy Funds CommitmentCapital
investedRemaining
callable capitalDistribution
received to dateStake value
Implied money multiple
2005 Private Equity ECP I, II, III, IV €863m €594m €268m €593m €285m 1.5x
2002 Private Equity Sagard I, II, 3 €398m €272m €126m €260m €189m 1.7x
2013 LBO Debt KCO III & IV €300m €183m €118m €54m €200m 1.4x
2014Healthcare
Growth Capital
Mérieux Participations
I & 2€75m €53m €22m €0m €60m 1.1x
2015
European mid-cap public
equitiesPrimeStone €150m €150m - - €176m 1.2x
2015
Long-term capital to
closely held businesses
BDTCP II €113m €56m €57m - €67m 1.2x
2017Digital
technologiesBacked 1 €25m €12m €13m - €14m 1.2x
2018 €250m €250m - - €250m 1.0x
Cumulative €2,174m €1,571m €602m €908m €1.241m 1.4x
Note: figures as of June 30, 2018
(1) The stake value ties in with Sienna Capital’s NAV of €1,274m primarily taking into account its cash position
(1)
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Profiles
Earlier in his career, Mr. Gallienne worked at the private equity firm Rhône Group in New York and London. In 2005, he founded and was Managing Director of the private equity funds of Ergon Capital Partners in Brussels.
He has been a Director of Groupe Bruxelles Lambert since 2009 and Co-CEO since 2012.
He obtained an MBA from INSEAD in Fontainebleau.
Mr. Gallienne serves as a Director of Imerys, Pernod Ricard, SGS and adidas.
Ian Gallienne – Co-CEO
Mr. Lamarche began his career at Deloitte Haskins & Sells in Belgium and in the Netherlands. He joined Société Générale de Belgique as an investment manager and management controller from 1989 to 1995. He moved to Compagnie Financière de Suez as Advisor to the Chairman and Secretary of the Executive Committee (1995-1997) before becoming Deputy Director for Planning, Control and Accounting. In 2000, Gérard Lamarche joined NALCO (American subsidiary of the Suez Group and world leader in industrial water treatment) as Director, Senior Executive Vice President and CFO. In January 2003, he was appointed CFO of the Suez group. In July 2008, in the context of the merger-takeover of Suez by Gaz de France, he became Executive Vice-President, Chief Financial Officer of GDF SUEZ.
He has been a Director of Groupe Bruxelles Lambert since 2011 and Co-CEO since 2012.
Mr. Lamarche has a degree in Economics from the University of Louvain-La-Neuve and the INSEAD Institute of Management (Advanced Management Program for Suez Group Executives).
Gérard Lamarche is on the board of several listed and non-listed companies in Europe including Total, SGS, LafargeHolcim and Umicore.
Gérard Lamarche – Co-CEO
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Profiles
Mr. Hall began his career in 1995 in the merchant banking group of Morgan Stanley. In 1997, he joined Rhône Group, a private equity firm, where he held various management positions for 10 years in New York and London. In 2009, he was the co-founder of a hedge fund, sponsored by Tiger Management (New York), where he worked until 2011. In 2012 he joined, as CEO, Sienna Capital, a 100% subsidiary of GroupeBruxelles Lambert, which regroups its alternative investments (private equity, debt or specific thematic funds). In 2016, he was also appointed to the role of Head of Investments at GBL.
He holds a BA from Amherst College and an MBA from the Stanford University Graduate School of Business.
Mr. Hall serves as a Director of Imerys, Umicore and Parques Reunidos.
Colin Hall – Head of Investments
Mr. Likin started his career in Central Africa in the car distribution sector where he held various administrative and financial positions at MIC. In 1997, he joined PwC where he became Senior Manager and was designated as C.P.A. by the Institut des Réviseurs d’Entreprises. In 2007, he joined Ergon Capital Partners as Chief Financial Officer. Later, in June 2012, he was appointed Group Controller of GBL. Since 1st
August 2017, he assumes the CFO function.
Mr. Likin holds a M.Sc. in Commercial Engineering and certificates in Tax Administration from the Solvay Brussels School of Economics & Management (ULB).
Xavier Likin – CFO
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HighlightsH1 2018
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Profiles
Sophie Gallaire began her career in 1999 at Arthur Andersen in statutory audit in Paris. She then moved to the banking sector, working successively in the structured finance departments of Halifax Bank of Scotland, Bank of Ireland and Barclays Bank PLC. After 12 years of experience in LBO, real estate and corporate financing, she joined GBL in April 2014. She is in charge of Corporate Finance & Communication at GBL.
Sophie Gallaire holds a Master in Management from the ESCP Europe business school in Paris.
Sophie Gallaire – Corporate Finance & Communication
Hans D’Haese started his career in the banking sector at Générale de Banque (now BNP Paribas Fortis), where he held various commercial positions. He moved on to Crédit Lyonnais Belgium (now Deutsche Bank) working mainly in fixed income and after a couple of years he joined de Buck Vermogensbankiers in Ghent where he managed for eight years the buy-side research department. After 12 years of experience as a sell-side equity analyst for Benelux holding and portfolio companies at Bank Degroof Petercam, he joined GBL in December 2016, where he is in charge of investor relations.
Hans D’Haese graduated in Business Management from the Ghent Odysee University-College.
Hans D’Haese – IR
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Disclaimer
37
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